The EU’s Plans for the Metaverse
The European Commission has revealed its plans for the metaverse, signaling its intention to establish new standards and governance for virtual worlds. Although the commission is not proposing new laws, it recognizes the economic and ethical importance of this technology and wants Europe to be at the forefront of the next technological transition. The EU executive predicts that virtual worlds could be worth 800 billion euros globally by 2030, likely driven by blockchain and cryptocurrency. To stay competitive, the commission plans to allocate significant funding, potentially around 200 million euros, through its science funding program, Horizon Europe. EU lawmakers, like Axel Voss, are concerned about the legal implications of the metaverse, such as avatar rights, copyright protection, and virtual crime. Voss believes that existing laws, including the General Data Protection Regulation, will need to be updated to align with new technologies. The EU aims to avoid repeating past mistakes and wants to ensure that it doesn’t fall behind in this rapidly evolving space.
Key Points:
– The European Commission plans to establish new standards and governance for virtual worlds in the metaverse.
– No new laws are proposed, but the EU wants to take advantage of the economic and ethical potential of this technology.
– The EU executive predicts that virtual worlds could be worth 800 billion euros globally by 2030, likely driven by blockchain and cryptocurrency.
– The commission plans to allocate significant funding, potentially around 200 million euros, to keep Europe competitive in the metaverse.
– EU lawmakers, like Axel Voss, are concerned about legal issues in the metaverse and believe that existing laws, such as the General Data Protection Regulation, need to be updated.
Hot Take:
The European Commission’s plans for the metaverse demonstrate its recognition of the immense potential of virtual worlds. By establishing new standards and providing substantial funding, the EU aims to position itself as a world leader in Web 4.0. However, lawmakers like Axel Voss emphasize the need for careful consideration of legal implications and the modernization of existing laws. The EU must act proactively to avoid repeating past mistakes and ensure that it remains competitive in this rapidly evolving technological landscape.
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